REGISTERED CHARITY NUMBER: 1039131
The Friends of Southwell Cathedral Report of the Trustees and Unaudited Financial Statements for the Year Ended 31st December 2020
Brooks Mayfield Limited Chartered Accountants 12 Bridgford Road West Bridgford Nottinghamshire NG2 6AB
The Friends of Southwell Cathedral
Contents of the Financial Statements for the Year Ended 31st December 2020
| Page | |
|---|---|
| Reference and Administrative Details | 1 |
| Report of the Trustees | 2 to 3 |
| Independent Examiner's Report | 4 |
| Statement of Financial Activities | 5 |
| Balance Sheet | 6 |
| Notes to the Financial Statements | 7 to 12 |
| Detailed Statement of Financial Activities | 13 to 14 |
The Friends of Southwell Cathedral
Reference and Administrative Details for the Year Ended 31st December 2020
TRUSTEES
The Right Reverend Bishop Paul Williams - President The Dean of Southwell The Very Reverend Nicola Sullivan - Chairman Mrs A J Salter - Honorary Secretary Mr R S W Wilson - Honorary Treasurer Mrs M Waddington - Membership Secretary Mr C Leggatt Mrs J Hodson - Appointed by Diocesan Mothers' Union Canon L Rose - Appointed by College of Canons Mrs P D C Allen Mr T S Richmond Mrs J P Loughton Mr R Pearson Mr M J Stacey Mrs J Richardson Mrs P Rouse - Events Secretary (appointed 1/10/20)
PRINCIPAL ADDRESS The Minster Office Church Street Southwell Nottinghamshire NG25 0HD
REGISTERED CHARITY 1039131 NUMBER
INDEPENDENT EXAMINER Brooks Mayfield Limited Chartered Accountants 12 Bridgford Road West Bridgford Nottinghamshire NG2 6AB BANKERS National Westminster plc Newark (A) Branch 1 Market Place Newark NG24 1DY
Page 1
The Friends of Southwell Cathedral
Report of the Trustees for the Year Ended 31st December 2020
The Council of the Friends of Southwell Cathedral is pleased to present its report for the year ended 31st December 2020. The trustees who served during the year and up to the date of this report are set on page 1.
OBJECTIVES AND ACTIVITIES
The Friends of Southwell Cathedral exist to bind together all those who love the Cathedral Church and who desire to help in preserving for posterity the fabric of this ancient and historic building, in maintaining public worship therein and in enhancing its adornment.
The Council has kept in mind the Charity Commissioners' guidance on public benefit. The focus of The Friends' activities remains the fulfilment of the objectives of the charity for the benefit of the Cathedral, which welcomes everyone without restriction. Membership of The Friends is open to all, subject to a subscription, the amount of which is at the discretion of the member.
ACHIEVEMENT AND PERFORMANCE
Unfortunately, along with many other member-based organisations, all activities in 2020 had to be cancelled due to the coronavirus pandemic, including our 73rd Annual General Meeting in June and visits to Lichfield Cathedral in May and to Deene Park in September. Our autumn reception and talk by Charlie Leggatt, on the artist Tom Tomson, had to be postponed and is rescheduled now for November 2021.
We maintained our commitment to the 'Leaves of Southwell' project and several members of Council, accompanied by Dr Philip Dixon, cathedral archaeologist, were pleased to join a group inspecting the progress of work in the Chapter House. Additionally, we continued our support for the Needlework Guild and Flower Guild, along with other annual commitments.
Our twice-yearly magazine, Pepperpots, edited by Charlie Leggatt and issued to all members of the Friends makes very interesting reading. In 2020 we welcomed 12 new Friends.
Once again, our thanks are due to everyone at Brooks Mayfield, our accountants and Independent Examiner, our investment advisers, Brewin Dolphin, the Minster staff and to all our members for their continuing support.
FINANCIAL REVIEW
Dividend income this year fell by 33% to £12,250 from £18,224 last year because of the coronavirus effect on our investments cutting back on dividend payments.
Members subscriptions were not expected to be affected, but still we experienced a decrease from the 2019 figure of £9,547 to £9,063 this year. This fall continues the trend seen over recent years. We must address the reasons. There is certainly the need to increase the in-house publicity given to The Friends. Other sources of income were from a CCLA investment held for many years and this year giving £576, and there were donations and legacies of £3,807 from generous benefactors. Income tax recovered on gift-aided subscriptions and donations, along with some interest from HMRC of £5, amounted to £2,642. This is a valuable source of income and all members, who are UK taxpayers and have paid enough UK tax to cover the gift-aided tax on all their donations made are encouraged to be in the scheme. Every £10 donation and subscription gift-aided adds another £2.50 to the Friends funds.
Total expenditure of £81,990 exceeded income of £28,551 by £53,439. The net gains and losses from revaluation of the investments held at 31st December 2020 plus the net gains and losses of investments sold during the year produced an addition to funds of £8,534. Capital funds brought forward from the previous year of £687,443 therefore fell to £642,538 as at 31st December 2020.
Page 2
The Friends of Southwell Cathedral
Report of the Trustees for the Year Ended 31st December 2020
FINANCIAL REVIEW
Our capital at this date comprises for the most part a diversified portfolio of investments valued at £606,110, whose purchase is governed by the ethical standards of The Church of England. Funding for Minster project contribution derives from the income generated from that portfolio together with subscriptions, donations and legacies received supplying an interest earning bank deposit and a current account which provide the reservoir of money to cover affordable and agreed demands from Chapter. It is indeed the case that our reserves have been reduced considerably below levels forecast earlier and during 2020, but at this point, in January 2021, we estimate that our resources will be sufficient to meet commitments in the coming year.
STRUCTURE, GOVERNANCE AND MANAGEMENT
The governing document is the Constitution and Rules of 18 June 1977 as amended on 4 June 1994, 15 June 1996, 13 June 1998 and further amended on 9 June 2001.
The Council meet three times every year to agree the broad strategy and areas of activity including consideration of grant making to the Southwell Cathedral Chapter, financial review and reserves, investment, risk management, publicity and performance. The day to day administration is delegated to the principal officers in particular the Secretary, Treasurer, Membership Secretary, "Pepperpots" editor and Events Secretary. All Council members including the principal officers give their time voluntarily and receive no benefits. Trustee reimbursed expenses were £3.96 and are recorded in note 7 to the accounts.
There has been one change to the Council during the year under review. We were pleased to welcome Mrs Pauline Rouse as Events Secretary.
Approved by order of the board of trustees on 25th February 2021 and signed on its behalf by:
The Dean of Southwell The Very Reverend Nicola Sullivan – Chairman
Mr R S W Wilson - Trustee
Page 3
Independent Examiner's Report to the Trustees of The Friends of Southwell Cathedral
Independent examiner's report to the trustees of The Friends of Southwell Cathedral
I report to the charity trustees on my examination of the accounts of The Friends of Southwell Cathedral (the Trust) for the year ended 31st December 2020.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
William Oates BA FCA Brooks Mayfield Limited Chartered Accountants 12 Bridgford Road West Bridgford Nottinghamshire NG2 6AB
25th February 2021
Page 4
The Friends of Southwell Cathedral
Statement of Financial Activities for the Year Ended 31st December 2020
| 2020 Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 2 15,512 Charitable activities 4 Charlies Talks - Investment income 3 13,039 Total 28,551 EXPENDITURE ON Raising funds 3,262 Charitable activities 5 Leaves Project 60,000 Charlies Talks - Needlework Guild 720 Audio Maintenance - Restore and Repair Sculptures - Minster Flowers Guild 2,110 Vergers and Gardeners Workwear - New Robes 10,000 Speech Reinforcement System maintenance 45 Other 5,853 Total 81,990 Net gains on investments 8,534 NET INCOME/(EXPENDITURE) (44,905) RECONCILIATION OF FUNDS Total funds brought forward 687,443 TOTAL FUNDS CARRIED FORWARD 642,538 |
2019 Total funds £ 27,458 1,247 19,329 48,034 3,554 30,000 51 3,052 550 500 2,110 169 - - 7,001 46,987 62,220 63,267 624,176 687,443 |
|---|---|
The notes form part of these financial statements
Page 5
The Friends of Southwell Cathedral
Balance Sheet 31st December 2020
| Notes FIXED ASSETS Tangible assets 8 Investments 9 CURRENT ASSETS Debtors 10 Cash at bank CREDITORS Amounts falling due within one year 11 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 12 Unrestricted funds TOTAL FUNDS |
2020 Total funds £ 1 606,110 606,111 1,763 38,733 40,496 (4,069) 36,427 642,538 642,538 642,538 642,538 |
2019 Total funds £ 1 603,664 603,665 1,041 86,812 87,853 (4,075) 83,778 687,443 687,443 687,443 687,443 |
|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 25th February 2021 and were signed on its behalf by:
The Dean of Southwell The Very Reverend Nicola Sullivan - Chairman
Mr R S W Wilson - Trustee
The notes form part of these financial statements
Page 6
The Friends of Southwell Cathedral
Notes to the Financial Statements for the Year Ended 31st December 2020
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.
Incoming resources
All incoming resources are included in the statement of financial activities when the charity is entitled to the income and the amount can be qualified with reasonable accuracy. The following specific policies are applied to particular categories of income:
Voluntary income is received by way of grants, donations and gifts and is included in full in the statement of financial activities when receivable. Grants where entitlement is not conditional on the delivery of a specific performance by the charity, are recognised when the charity becomes unconditionally entitled to the grant.
Donated services and facilities are included at the value to the charity where this can be quantified. The value of services provided by volunteers has not been included.
Income from investments is included in the year in which it is receivable.
Resources expended
Expenditure is recognised on an accrual basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is reported as part of the expenditure to which it relates.
Costs of generating funds comprise the costs associated with attracting voluntary income and the costs of trading for fundraising purposes.
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
Support costs are those costs incurred directly in support of expenditure on the objects of the charity and include project management.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Computer equipment - 33% on cost
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
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continued...
The Friends of Southwell Cathedral
Notes to the Financial Statements - continued for the Year Ended 31st December 2020
1. ACCOUNTING POLICIES - continued
Investments
Investments held as fixed assets are revalued at mid-market value at the balance sheet date and the gain or loss taken to the statement of financial activities.
2. DONATIONS AND LEGACIES
| Donations and legacies Income tax recoverable Subscriptions - Gift Aided 3. INVESTMENT INCOME Income from UK listed investments Bank interest - Central Board of Finance Bank interest - Central Board of Finance Unit Trust Bank interest - Brewin Dolphin 4. INCOME FROM CHARITABLE ACTIVITIES Activity Other income from charitable activities Charlies Talks 5. CHARITABLE ACTIVITIES COSTS Leaves Project Needlework Guild Minster Flowers Guild New Robes Speech Reinforcement System maintenance |
2020 2019 £ £ 3,807 15,076 2,642 2,835 9,063 9,547 15,512 27,458 2020 2019 £ £ 12,250 18,224 203 530 576 559 10 16 13,039 19,329 2020 2019 £ £ - 1,247 Direct Costs (see note 6) £ 60,000 720 2,110 10,000 45 72,875 |
|---|---|
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The Friends of Southwell Cathedral
Notes to the Financial Statements - continued for the Year Ended 31st December 2020
6. DIRECT COSTS OF CHARITABLE ACTIVITIES
| Minster Flower Guild Needlework Guild Leaves Project Audio Maintenance Vergers and Gardeners Workwear Charlies Talks Sculpture repair Robes cost Speech Reinforcement System maintenance |
2020 £ 2,110 720 60,000 - - - - 10,000 45 72,875 |
2019 £ 2,110 3,052 30,000 550 169 51 500 - - 36,432 |
|---|---|---|
7. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31st December 2020 nor for the year ended 31st December 2019.
Trustees' expenses
During the year Trustees were reimbursed a total of £4 (2019 - £139) for expenses they had personally incurred.
8. TANGIBLE FIXED ASSETS
| TANGIBLE FIXED ASSETS | |
|---|---|
| Computer | |
| equipment | |
| £ | |
| COST | |
| At 1st January 2020 and | |
| 31st December 2020 | 1,000 |
| DEPRECIATION | |
| At 1st January 2020 and | |
| 31st December 2020 | 999 |
| NET BOOK VALUE | |
| At 31st December 2020 | 1 |
| At 31st December 2019 | 1 |
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The Friends of Southwell Cathedral
Notes to the Financial Statements - continued for the Year Ended 31st December 2020
9. FIXED ASSET INVESTMENTS
| FIXED ASSET INVESTMENTS | |
|---|---|
| Listed | |
| investments | |
| - Valuation | |
| £ | |
| MARKET VALUE | |
| At 1st January 2020 | 603,664 |
| Additions | 90,988 |
| Disposals | (97,076) |
| Revaluations | **8,534 ** |
| At 31st December 2020 | 606,110 |
| NET BOOK VALUE | |
| At 31st December 2020 | 606,110 |
| At 31st December 2019 | 603,664 |
There were no investment assets outside the UK.
Fixed asset investments are actively managed by Brewin Dolphin Limited. The portfolio of investments is spread across 43 different holdings. Based on the total market value at 31 December 2020 no one holding represents more than 5% of the total portfolio.
Gains/(loses) on investment assets
| Realised (loss) during the year Unrealised gain during the year 10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Other fixed asset investment debtors Prepayments |
2020 £ 399 1,364 1,763 |
£ (7,152) 15,686 8,534 2019 £ 1,041 - 1,041 |
|---|---|---|
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The Friends of Southwell Cathedral
Notes to the Financial Statements - continued for the Year Ended 31st December 2020
11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Deferred income Accruals Accruals: Independent examiner's fees Telephone Investment management charge Printing, postage & stationery Staffing Audio maintenance MOVEMENT IN FUNDS At 1/1/20 £ Unrestricted funds General fund 687,443 TOTAL FUNDS 687,443 Net movement in funds, included in the above are as follows: Incoming Resources resources expended £ £ Unrestricted funds General fund 28,551 (81,990) TOTAL FUNDS 28,551 (81,990) Comparatives for movement in funds At 1/1/19 £ Unrestricted funds General fund 624,176 TOTAL FUNDS 624,176 |
2020 2019 £ £ 100 60 3,969 4,015 4,069 4,075 2020 2019 £ £ 1,296 1,260 445 533 895 891 783 730 - 51 550 550 3,969 4,015 Net movement At in funds 31/12/20 £ £ (44,905) 642,538 (44,905) 642,538 Gains and Movement losses in funds £ £ 8,534 (44,905) 8,534 (44,905) Net movement At in funds 31/12/19 £ £ 63,267 687,443 63,267 687,443 |
|---|---|
12. MOVEMENT IN FUNDS
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The Friends of Southwell Cathedral
Notes to the Financial Statements - continued for the Year Ended 31st December 2020
12. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
| Incoming | Resources | Gains and | Movement | |
|---|---|---|---|---|
| resources | expended | losses | in funds | |
| £ | £ | £ | £ | |
| Unrestricted funds | ||||
| General fund | 48,034 | (46,987) | 62,220 | 63,267 |
| TOTAL FUNDS | 48,034 | (46,987) | 62,220 | 63,267 |
13. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31st December 2020.
Page 12
The Friends of Southwell Cathedral
Detailed Statement of Financial Activities for the Year Ended 31st December 2020
| Detailed Statement of Financial Activities for the Year Ended 31st December 2020 |
||
|---|---|---|
| 2020 | 2019 | |
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Donations and legacies | ||
| Donations and legacies | 3,807 | 15,076 |
| Income tax recoverable | 2,642 | 2,835 |
| Subscriptions - Gift Aided | 9,063 | 9,547 |
| 15,512 | 27,458 | |
| Investment income | ||
| Income from UK listed investments | 12,250 | 18,224 |
| Bank interest - Central Board of Finance | 203 | 530 |
| Bank interest - Central Board of Finance | ||
| Unit Trust | 576 | 559 |
| Bank interest - Brewin Dolphin | 10 | 16 |
| 13,039 | 19,329 | |
| Charitable activities | ||
| Other income from charitable activities | - | 1,247 |
| Total incoming resources | 28,551 | 48,034 |
| EXPENDITURE | ||
| Raising donations and legacies | ||
| Investment management fees | 3,262 | 3,554 |
| Charitable activities | ||
| Minster Flower Guild | 2,110 | 2,110 |
| Needlework Guild | 720 | 3,052 |
| Leaves Project | 60,000 | 30,000 |
| Audio Maintenance | - | 550 |
| Vergers and Gardeners Workwear | - | 169 |
| Charlies Talks | - | 51 |
| Sculpture repair | - | 500 |
| Robes cost | 10,000 | - |
| Speech Reinforcement System maintenance | 45 | - |
| 72,875 | 36,432 | |
| Support costs | ||
| Management | ||
| Telephone | 445 | 533 |
| Printing, post and stationery | 787 | 107 |
| Annual general meeting expense | - | 327 |
| 1,232 | 967 | |
| Finance | ||
| Independent examiners fees | 1,236 | 1,260 |
This page does not form part of the statutory financial statements
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The Friends of Southwell Cathedral
Detailed Statement of Financial Activities for the Year Ended 31st December 2020
| Detailed Statement of Financial Activities for the Year Ended 31st December 2020 |
||
|---|---|---|
| 2020 | 2019 | |
| £ | £ | |
| Finance | ||
| Governance costs | ||
| Pepperpots newsletter | 3,385 | 4,774 |
| Total resources expended | 81,990 | 46,987 |
| Net (expenditure)/income before gains | ||
| and losses | (53,439) | 1,047 |
| Realised recognised gains and losses | ||
| Realised gains/(losses) on fixed asset | ||
| investments | **8,534 ** | 62,220 |
| Net (expenditure)/income | **(44,905) ** | 63,267 |
This page does not form part of the statutory financial statements
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